DiamondView Tower Sold for $121 Million

Tuesday, October 30, 2012

San Diego-based investment firm Cruzan Monroe, in partnership with Cigna Investments Inc., has purchased DiamondView Tower in downtown San Diego for $121 million.

The 15-story, 305,255-square-foot East Village building was sold by Wereldhave USA, in one of the year’s largest local commercial property transactions, according to a statement from brokerage firm CBRE.

CBRE’s local debt and equity finance group arranged equity and acquisition financing of approximately $86 million on behalf of the buyers, and the firm’s investment sales team represented the seller. CBRE will continue to handle leasing at the property.

Cruzan Monroe principal and co-founder Dennis Cruzan called the tower, developed in 2007 next-door to Petco Park, “one of the most uniquely positioned Class A office properties on the West Coast.”

The building was 95 percent leased at the time of sale, according to CBRE. Current tenants include Fashion Institute of Design and Merchandising, Red Door Interactive, Cox Media and Comerica Bank.

The property has a penthouse hospitality skybox on the 15th floor, along with a Fit Athletic Club with an outdoor pool and deck overlooking the ballpark.